The Hypersomnia Foundation Board members have been hard at work! After countless hours of collaborative work, we have finally completed our 501(c)(3) application and submitted it to the IRS for approval.
One component of the 501(c)(3) application is called “Form 1023 Narrative of Activities”. In the standard 501(c)(3) application process, this section is quite lengthy. In fact, when we, the Board members completed that section, we had over 26 pages of narrative typed out. We wrote at length, and in detail about all of our initiatives and made specific plans for implementing and carrying out each and every one.
After spending countless hours working on this, a new (and MUCH shorter) Form 1023-EZ was recently made available on the IRS website. While Form 1023-EZ is likely to unleash large numbers of ill-prepared and poorly conceived nonprofits that would never have followed through with the filing of the standard Form 1023, the Hypersomnia Foundation feels strongly that we have done our due-diligence by taking our time to properly complete the standard version of Form 1023 before filing Form 1023-EZ. We are happy we took the proper amount of time to consider, collaborate, and create comprehensive plans for all of the initiatives we will pursue now and in the future. We have the best of both worlds! A well laid out plan, and a quick projected approval time.
Once approved, The Hypersomnia Foundation will be able to officially accept tax deductible donations. Our attorney has advised us that entities filing the new Form 1023-EZ are typically approved in a few weeks. Wow! As soon as we receive our approval status from the IRS, you will be the first to know! The good news is that once we are approved, the approval is retroactive back to the date of our incorporation which was January 21, 2014.